China's imports & exports to reach $1 trillion

China’s imports & exports to reach $1 trillion

China's imports and exports will reach $1 trillion in 2004, Chinese Minister of Commerce said. He made the statement at the WICO (World Industrial and Commercial Organizations) Summit which began on Sunday in Beijing. The total import and export volume of China amounted to $850 billion in 2003. In Jan-Jul 2004 period, country's imports and exports reached $623.1 billion, up by 38% compared to the same period of last year. It is pointed out that China should import large amounts of goods to meet the growing domestic demand. The growth rate of goods imported to China was 15% in the last twenty-five years. This rate was 10% higher than the worldwide average. China ranks third after the US and Germany with $410 billion imports. Imports are expected to amount to $500 billion in 2004 and $1 trillion in 2010. China's growing demand for imports is reportedly benefiting many foreign enterprises.